Best Personal Loans for Bad Credit (The 2020 Edition)

When you’re strapped for cash but have less than perfect credit, you’ll quickly find that getting a personal loan from your financial institution is difficult. But that doesn’t mean you have to settle for payday loans or cash advances with stringent repayment terms and astronomical interest rates.

Below is a comprehensive list of the best personal loans for bad credit:


If your credit score is at least 600, you may qualify for a personal loan of up to $35,000 from Avant. Depending on your income and creditworthiness, the APR you receive will range from 9.95 to 35.99 percent.

You can view your loan options via the website without generating a hard inquiry. Be prepared to provide your name, address, Social security number, and information about your income. It only takes a few minutes of your time to submit an inquiry online, and your credit score won’t be affected. There’s no obligation to accept the loan offer or move forward with the application process.

But should you decide to take out a personal loan with Avant, you may be charged an administration fee of up to 4.75 percent when the loan proceeds are deposited into your bank account. This amount will be deducted from the total loan amount upfront and disclosed in the loan paperwork. However, the good news is you can expect the funds to hit your account within one business day.

The loan repayment period you receive will be anywhere from 24 to 60 months. And if you wish to pay off the balance early, you will not be responsible for prepayment fees.


CashUSA is an online search and comparison tool that helps connect borrowers that have less than perfect credit with lenders that can help them get the cash they need when in a financial bind. Loan amounts range between $500 and $10,000, with terms from 90 days to 72 months. And you should expect to pay an APR of 5.99 to 35.99 percent.

To qualify for a loan with a lender in the CashUSA network, you should meet the minimum criteria outlined below:

  • Be at least 18 years old and a U.S. citizen or permanent resident
  • Have a verifiable source of post-tax income of at least $1,000 per month
  • Possess a checking account and be listed as the primary account holder

Want to explore loan options that may be available to you through lenders in the CashUSA network? Simply visit the website and input the amount you wish to borrow, your name, zip code, and email to get started. You can also call 1-866-973-6587 if you’d prefer to speak with a loan officer.

If you’re matched with a lender and accept a loan offer, the next step is to provide any requested documentation to the lender to substantiate the information provided in your loan application. And once the loan is finalized, the proceeds will be deposited into your bank account in as little as one business day.

As the name indicates, is loan search service that caters to consumers with bad credit. With over 20 years in the industry, they make it simple for cash-strapped customers to find personal loans even if their credit isn’t up to par.

Loan amounts range from as little as $500 to as much as $5,000. And depending on the loan offer you receive, you’ll have between three and 36 months to repay the loan.

Wondering if you qualify for a loan? While there isn’t a minimum credit score requirement that you have to meet, you should meet the following criteria:

  • Be 18 years of age or older
  • Be a U.S. citizen or permanent resident
  • Receive a steady source of income, which can be from a full-time job, disability or Social Security benefits. Self-employment income from applicants will also be considered.
  • Have an open checking account in your name

And no matter how low your credit score is, a steady source of income and a valid checking account may be enough to get you approved for a personal loan.

To review your loan options, select the amount you want to borrow and enter your email address. Once you select the “Get Started!” button, you’ll be led through a series of questions regarding your finances, employment, and income to determine if any of the lenders in the network are a good match.


Accredited by the Better Business Bureau (BBB), LendingPoint is a direct lender that has served thousands of customers and loaned over $500 million to consumers nationwide. To date, they serve customers in 34 states and the District of Columbia.

The leadership team understands that you are more than your credit score, and will go the extra mile to evaluate if you’re a good fit for a personal loan product.

Loans between $2,000 and $25,000 are available, and you could receive the loan proceeds in as little as one business day. Most borrowers have credit scores in the 600s and meet the following criteria:

  • Be 18 years or older
  • Earn an annual income of at least $20,000. (Earnings can be generated from full-time employment, self-employment, retirement earnings, or other valid sources of income).
  • Have a bank account in your name

You can get pre-qualified for a loan from LendingPoint without impacting your credit score. All you have to do is answer a few questions about the desired loan amount, intended use, and your income. If the loan is a good fit, you’ll be asked to provide a copy of your driver’s license, bank statements, a voided check, and proof of income so the loan officer can review the information provided in the loan application. And as mentioned earlier, the loans proceeds will arrive in your bank account in as little as one business day once the application is finalized.

But if you’d prefer to search elsewhere before making a loan decision or reject the offer right away, there’s no penalty for doing so.


MoneyMutual is a free online marketplace that will help you find bad credit loans so you can get the money you need in a jiffy. They’ve helped over two million borrowers and have the tools to assist you as well. Even better, the application process is streamlined and will only take five minutes of your time.

You can borrow as much as $2,500, but the loan terms, including the interest rate and repayment period, will vary by lender. To qualify, lenders will generally require you to meet the following criteria:

  • Be 18 years or older
  • Be a citizen or permanent resident of the U.S.
  • Have a steady source of income of at least $800 per month. (Self-employment and fixed income will be considered).
  • Have a valid checking account

Visit the website to get started with the loan application process. If there’s a match, you’ll be directed to the lender’s website to complete their application and upload any requested documentation. At that time, you’ll also receive the details of your loan offer, including the amount you’re approved for, interest rate, and repayment period.


Headquartered in Chicago, NetCredit is a financial services provider that looks beyond credit scores to get prospective borrowers cash to meet their financial needs. But unlike many other lenders out there, they go as far as offering resources to help you improve your credit profile while repaying the loan.

They offer personal loans from $1,000 to $10,000. Origination fees do apply, but they will are determined by your state of residence. Furthermore, the interest you’ll pay on the loan depends on your income and creditworthiness.

You can check your eligibility online without impacting your credit score. And if approved, the loan proceeds could arrive in your bank account by the next business day.

When you take out a loan with NetCredit, you’ll be able to take advantage of a host of benefits, including:

  • The ability to tailor your loan offer to best suit your needs with the My RightFit Tool
  • Clarity on your loan terms, including the interest rate, fees, and how much you will pay over the life of the loan with the ClearCost for Me promise
  • The ability to check your loan options in real-time and not hurt your credit score with MyScoreSaver
  • The option to return the loan proceeds before 6 pm CT on the business day following initial disbursement with the My Choice Guarantee
  • Credit boosting capabilities since loan payments are reported to both Experian and TransUnion with MyCreditBuilder

If you have additional questions about personal loans for bad credit from NetCredit, give them a call at 1-877-392-2014.


NorthCash offers installment loans between $300 and $1,500 to borrowers with varying credit backgrounds. But keep in mind that this loan should only be used as a short-term solution for borrowers with credit issues because the APR can be a bit steep.

However, it still stands out as one of the best personal loans for bad credit because it’s easy to qualify and get your loan funded.

You can check your rate online without impacting your credit score. But if you’d prefer to initiate a loan request by phone, call 1-855-333-6570 and a customer care specialist will walk you through the application process.

And if approved, expect to see the funds in your bank account in as little as one business day once you’ve forwarded over the necessary documentation, which typically includes a copy of your most recent bank statement and proof of income.

OneMain Financial

OneMain Financial fully embraces its slogan, lending done human, by looking beyond the algorithms to get consumers with credit woes the cash they need when in a financial crunch. Loans range from $1,500 to $30,000, and the proceeds can be used in any way that you see fit.


Most traditional lenders have strict minimum credit scores that they require to even be considered for funding. However, One Main Financial examines your entire profile, including your income, expenses, debt obligations, and collateral (if applicable), to find a solution that best suits your need. Even better, they have branches throughout the U.S. so you can sit down with a loan officer to review options that may be available to you.

They also boast same-business day funding options. But to take advantage of this perk, your loan application will need to be approved and processed by noon. And should you decide to pay the loan off early, you won’t be assessed a prepayment penalty.

To get started with the application, complete the online form. You’ll receive real-time results without impacting your credit score. is an online search tool with a vast network of lenders that cater to prospective borrowers with credit issues.

Their personal loan offerings include:

  • Peer To Peer Loans: Loan amounts range from $1,000 to $35,000. You’ll need a minimum credit score of 600 to qualify, and you must have a steady and verifiable source of income that’s at least $2,000 per month.
  • Personal Installment Loans: With a credit score of 580 or higher, you may qualify for a personal installment loan between $1,000 and $35,000. The lender will review your income and other outstanding debt obligations to determine how much you are eligible to receive. You will need a verifiable source of employment or self-employment income. Government benefits are also eligible for consideration.
  • Bank Personal Loans:

While less than perfect credit won’t automatically disqualify you for a loan, lenders are more likely to approve applicants with accounts that are not more than 60 days past due, do not have recent or active bankruptcies, are not repeatedly late on payments to creditors, do not have recent charge-offs. You must also have an ample amount of income to cover existing outstanding debt obligations

With regards to loan terms, you’ll receive an interest rate that’s anywhere from 5.99 to 35.99, which is substantially lower than what you’d find with payday lenders. Repayment periods range between 90 days and 72 months.

To determine if you qualify for a loan from one of the lenders in the network, Insert name and email address into the online form. If there’s a match, you’ll be able to view your rates right away.

However, you are not obligated to accept the offers presented to you. But should you decide to move forward, the entire process done on the online Account Center.

The Bottom Line

By doing a little legwork, you’ll be able to secure a personal loan even if your credit isn’t up to par. Start with this comprehensive list of lenders to analyze what options are out there. And most importantly, start making strides towards improving your credit health. That way, you’ll have even more options to choose from later on down the line.

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